4:03:54 PM | 12/11/2008
The Vietnamese Ministry of Finance (MoF) November 10 decided to raise import tariffs on some liquefied petroleum gas (LPG) to 5 per cent from current zero, following the on-going LPG price decrease in the world market, local media reported.
Under the decision, propane, butane, ethylene, propylene and butylenes will be imposed a 5 per cent import tax. Other LPG products will be charged a 1 per cent import tariff.
The hike will bring a mutual benefit for the government, traders and consumers and contribute to stabilizing the local market, said the MoF.
This decision will take effect 15 days after the announcement.
Following the down trend of crude oil price in the global market, LPG prices dropped by 2.44 per cent or US$20 per ton on average in October against September, reported the ministry.
Late last month, some gas traders in Vietnam announced sharp cuts of retail prices by between VND40,000 and VND62,000 per 12-kilogram canister in the wake of falling global rate.
This is the ninth price tumble in the country's gas market since the beginning of this year. The latest gas reduction happened October 27. (VNS, Youth)
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